Bitcoin has surged to an eight-month high as a massive short squeeze accelerates the rally, putting $90,000 firmly in focus.
ByGeorge Georgiev
Bitcoin’s price is closing in on $87,000 following an explosive rally, which triggered over $1 billion in liquidations across the crypto derivatives market.
The cryptocurrency reached an intraday high at exactly $87,000 (at the time of this writing), with its total market cap climbing toward $1.8 trillion.
The move extends Bitcoin’s impressive recovery from approximately $75,000 last week and has pushed it to its highest price since January.
Shorts Get Crushed as BTC Rallies Higher
The sharp move caught leveraged traders positioned for further downside.
Data from CoinGlass shows that roughly $1 billion worth of positions were liquidated, of which $900 million were short. More than 139,000 traders saw their positions force-closed, with the single largest liquidation happening on Hyperliquid, which carried a face value of slightly over $20 million.
This massive imbalance suggests that forced short closures provided additional momentum as BTC cleared several resistance levels in quick succession – an avalanche-like event, if you will.
This is called a short squeeze or a liquidation cascade.
